Hats Off! Daring Derby Fashion and Drink

With Magna Entertainment Corp., the company that owned the race, going through bankruptcy, many were concerned the race might move from Pimlico and out of the state.

Under the Preakness Covenant, Maryland waived its right of first refusal to buy the stakes race, and the parent company agreed not to move the race -- an agreement binding on the company's successors.

The Kentucky Derby: A Slice Of Americana

“The Preakness Covenant will ensure that people of Maryland continue to enjoy this time-honored tradition, and that the State of Maryland and City of Baltimore will continue to realize the economic benefits of this annual event," O'Malley said.